Oil dipped below $114 today after the news that the US is likely to release oil reserves eased the concerns over oil supply disruption from the Middle East.

Brent crude slipped $1.33 to $113.94 a barrel while US oil dropped $0.44 to $95.16, reports Reuters.

Comments from Israeli President Shimon Peres downplaying the prospect of a unilateral strike on Iran also affected oil prices.

Partner nations in the Paris-based International Energy Agency (IEA), such as the UK, France and Germany, were open to a potential release by the US a few months ago when conditions in the Middle East were in favour of military conflict.